Making Tax Digital

When Is Making Tax Digital?

Making Tax Digital (MTD) is the single biggest innovation in tax reporting businesses are ever likely to see. Whether you decide to embrace it or hate it, uptake of the scheme is mandatory for almost all companies from April 2019.

What is Making Tax Digital?

All businesses, landlords, and self-employed taxpayers with an annual turnover of £85,000 or more will be required to register, file, pay, and update their information online each quarter, using specialist accounting software and HM Revenue & Customs’ own digital tax portal.

Do I have to use Making Tax Digital?

Only businesses with a turnover above the VAT threshold (£85,000) will have to use Making Tax Digital. They will be required to report VAT digitally from April 2019, and report Income Tax or Corporation Tax digitally from April 2020.

Businesses earning below the threshold can choose to “opt in” whenever they feel ready.

Work out when you have to go digital by using our handy flowchart below.

 

Are you ready? Get ahead of the pack and use Cloud Accounting today.

With Watson Buckle, taking on Making Tax Digital is as easy as 1, 2, 3.

  1. Get in touch

Register your interest today by clicking here

  1. Engagement

We’ll pair you up with a cloud accounting expert and learn more about your business needs

  1. Set-up

We’ll set you up on software that suits you, and offer unlimited aftercare support.

Start here

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